Riyadh — Mubasher: Professional Medical Expertise Company (ProMedEx) announced the renewal and increase of its Sharia-compliant credit facility with Saudi Awwal Bank (SAB) on 27 July 2026, according to a bourse filing.

The total limit of the facility has been raised to SAR 60 million from the previous limit of SAR 45 million.

ProMedEx elaborated that the SAR 15 million increase represents a 33.33% rise in available credit.

The facility is secured by a promissory note valued at SAR 60 million and has a duration of one year from the date of the facility offer letter.

According to ProMedEx, the financing is intended to fund existing projects and support business expansion.

Specifically, the funds will be utilized for the local and international procurement of goods, financing obligations related to letters of credit and import invoices, and the issuance of bank guarantees and standby letters of credit.

While the renewal documents were dated 30 June 2026, the final execution of the agreement was completed on 27 July 2026.

ProMedEx confirmed there are no related parties involved in the transaction.

Earlier in July, ProMedEx disclosed collaboration with China-based Beijing Synapsor Artificial Intelligence Company Limited to establish a new limited liability company in Saudi Arabia.